Geithner sent a letter to Congress on Jan. 6, 2011 asking for the debt limit to be raised. If it is not raised, he warned, the
U.S. will default on its debt.
Geithner Says U.S. Insolvent by Michael S. Rozeff
Good explaination of how we raise the Debt ceiling which just keeps kicking the can down the highway but will still lead to the same result.